Technologies related to IIoT may have a huge potential to generate new value. We argue that in order to fully explore and exploit the potential of those technologies, the concept of business models needs to be applied. In doing so, a qualitative research approach is applied to understand how to explore and exploit technologies by means of business model innovation. We show that connectivity is an important extension of the business model in order to understand how to explore and exploit new technologies, especially in relation to IIoT. In addition, the interdependencies between the different business model dimensions are discussed.